Donna M. Mitchell

The security driving the revenue to the bonds is a tariff on customers' monthly bills, in line with the "U.S. Utility Tariff/Stranded Cost Bonds Rating Criteria."

CRVNA 2023-1's collateral pool has a non-zero FICO score of 705, interest rate of 11.83%, original term of 72 months and remaining term of 70 months.

Among DataBank 2023-1's enhancement features is a turbo principal amortization mechanism that kicks in after the notes' anticipated repayment date.

The transaction, secured almost entirely by installment loans on new vehicles, can be upsized to $1.6 billion, and notes will be priced over the I-curve.

One potentially positive credit aspect includes consistently low delinquencies and net losses, and recent geopolitical events have played a part.

While debt outstanding and performance issues are up, and new securitizations are down as expected, only auto ABS showed early signs of issuance growth.

Expected lifetime cumulative net loss is 9.25%, while higher note coupons, only partially offset by higher collateral interest rates, cut excess spread to 5.44%.

Self-employed borrowers account for 36.2% of the loan pool's outstanding balance, and borrowers with multiple properties represent 47.9% of the pool balance.

The consumer loan and credit card collateral will consist entirely of assets that are seasoned, yet of shorter terms overall.

Borrowers that are couples, and where the female is younger, account for 32.55% of the pool's aggregate unpaid principal balance, the plurality.

The deal has a $10 million prefunding account that could purchase additional eligible receivables during a three-month period after closing.

Similar to recent transactions, the collateral pool includes loans with an original term greater than 72 months, which Ford adjusted for in the underwriting.

LBZZ 2023-1 has a reduced recovery rate assumption on the current transaction at 50%, given deteriorating recovery trends and lower used vehicle values.

The pro-rata/sequential hybrid structure provides some credit enhancement along with cumulative loss and delinquency trigger events and excess spread.

Fitch and Moody's might have differing outlooks on the notes' CNL outlook, but they agree that HDMOT 2023-A's collateral pool is marginally stronger.

Retail (36.1%) and office (28.1%) accounted for the largest percentages of loans by far, and the largest percentage of loans is in large metro areas.

PAID 2023-1 will secure the underlying assets through a three-month pre-funding period, half of the six-month period that was in place for 2022-5.

Solar Mosaic offers loans for residential solar energy systems with tenors of five to 25 years, a decrease of 10 to 30 years under previous loan offerings.

The residual value loss is one percentage point higher than the previously rated 2021-2 transaction, due to an increase in the notes' base residual settings.

For the current securitization the collateral pool includes 0.6% of loans extended to marginally qualified borrowers.